- NY Credits : 3.0
- TX Credits : 3.0
- IRS Enrolled Agent Credits : Federal Tax/Tax Related Matters - 3.0
- IRS Non-Credentialed Return Preparer Credits : Federal Tax - 3.0
Income from a trade or business is includible in gross income. Under IRC Sec. 162, ordinary, necessary, and reasonable expenses incurred in the production of income in a trade or business activity are generally allowable as deductions against this income. This program examines the compliance issues associated with the reporting of business income and expenses by an individual taxpayer, with particular focus on Schedule C of Form 1040. This course has been updated to reflect legislative changes included in the Tax Cuts and Jobs Act of 2017 (TCJA) signed into law by the President on December 22, 2017.
Upon successful completion of this course, the user should be able to:
apply the self-employment tax and the election to treat a partnership as a joint venture,
identify the tax accounting rules that affect the timing of the inclusion of an item in gross income of a trade or business, and
identify the proper treatment of various trade or business expenses.